Rangers reveal a loss of £14.8m despite record revenues

Rangers recorded losses of £14.8m – down from £17.2m – in their accounts until the end of 2025, despite record revenues of £94.1m, which rose 7% from £88.3m.

The Ibrox club’s annual accounts highlight lower operating expenses – down 4% to £92.2m – and a profit of £2.7m before player trading, up from a £2m loss in 2023-24 and a £10.5m loss in 2022-23.

In the nine years since their promotion from the Championship to the Premier League, it was only the second time Rangers had recorded a profit before trading players. The other occasion was after they reached the Europa League final in 2021-2022.

The player turnover figure does not include the transfer fees received for Hamza Eghamani, Gift, Rizvan Yilmaz and Cyril Desir, all of whom were sold after the end of the financial year.

“We achieved record revenues for the second year in a row, reduced our cost base and achieved commercial profits ahead of the player,” the annual report said.

“This has created a more stable platform to invest back into the team and infrastructure as the club moves into its next stage of growth.

“While player trading remains an area where we can strengthen our financial performance, the sales completed after the end of the year show that the investments made in previous windows are starting to support our business model and give us confidence for the future.”

As they try to achieve financial stability after years dominated by heavy losses, Rangers’ cash balance shows a significant increase on last year, when it stood at just £1.7m.

This figure now stands at £30.5m as a result of an injection of funding from the new owners following the takeover of the club by Andrew Cavenagh and his group of investors in May.

“The new equity investment completed in May has given us a strong base to continue investing in the team, our facilities and our long-term future,” the report adds.

“Our focus is on maintaining this balance, investing on the football front while strengthening the club’s financial position in the medium term.”

It is understood the club is continuing to pay the salaries of at least two, and possibly two, former managers, Russell Martin and Philip Clement, with the latter joining Norwich City this week.

Including Danny Ruhl and Barry Ferguson, who was appointed on an interim basis at the end of last season, Rangers have had four different managers in a turbulent 2025.